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Old November 3rd, 2014, 12:32 PM
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Join Date: Nov 2011
Default Re: IRDA Exam for Insurance Agent

IRDA or Insurance Regulatory and Development Authority Exam also known as LIC Agent Exam is conducted by Insurance Institute of India on India level for recruitment of Insurance agents in insurance companies.

IRDA Exam Eligibility
Educational Qualification
Candidate interested to take IRDA exam should be 10+2 from a recognized school/board.

Age
Candidates aspiring to take IRDA Exam should not be below 18 years of age however there is no upper age limit for taking IRDA Exam for becoming an LIC agent.

IRDA Exam Syllabus
The Syllabus of IRDA Exam comprises subjects questions related to Insurance, loans, regulations and their general application. However there can be some questions of numerical problems like percentage, discount and loan calculation etc.

IRDA Exam Pattern
IRDA Exam consists of short answer type question of the form of:
Fill Ups
Yes – No
Right –Wrong
Match the Column
Multiple choice Answers

IRDA Exam Fee
IRDA Exam fee for each entry form is Rs.200 (Rs.400 for Life & General Insurance)

Insurance Agent

Applicant undergoes 100 hours of classroom training by Insurance Company based on the IRDA syllabus.

After completion of training one need to appear for the exam conducted by the IRDA.

One should have pass the 12th Exam from a recognized Board

Age: Minimum 18 years
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Old November 4th, 2015, 10:29 AM
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Default Re: IRDA Exam for Insurance Agent

Hey buddy I’m preparing for the IRDA Insurance Agent exam paper for that will you please get the exam paper so that I can go thorugh it easily?
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Old November 4th, 2015, 10:30 AM
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Join Date: Dec 2011
Default Re: IRDA Exam for Insurance Agent

As per your demand I will help you here to get the IRDA insurance Agent exam paper so that you can solve the paper easily and score well in the main exam paper.


Here is the exam pape of IRDA Insurance Agent please have a look
Modeltestpaper1

1.Theprocessofdeterminingiftheclaimcanbepaidiscall ed———
a) admission
b) acceptance
c) consideration
d) decision

2.Whatcriteriaarerelevanttocomparedifferentsavings plan?
a) Safety
b) Liquidity
c) Yield
d) Alloftheabove

3.Thelimitsofdoctorsformedicalexaminationaredecide dby————-
a) Insurer
b) MedicalCouncil
c) Government
d) IRDA

4.Thequestionsintheproposalformandpersonalstatemen tarematerialandrelevant
a) withoutexception
b) mostly
c) onlypartly
d) rarely


5.Whichofthefollowingstatementsare“TRUE”?
StatementA:Apaiduppolicycanberevived.
StatementB:Theinsurermayrefusetoissueanewpolicyifa nearlieroneispaidup.

a) OnlystatementA
b) OnlystatementB
c) Bothstatements
d) Neitherofthestatement


6.Towhomshouldlicensebepaid?

a) ControllerofInsurance
b) Theinsurer
c) TheIRDA
d) Anyoftheabove


7.Aproposalisdated10.11.2000.Thepremiumwaspaidonth esameday.Thedecisiontoacceptwithextrawasmadeon15.1 1.2000.Theextrapremiumwaspaidon17.11.2000.Thelette rofconsentwasreceivedintheofficeon21.11.2000.Whend oestheriskonthispolicycommence?

a) 10.11.2000
b) 17.11.2000
c) 20.11.2000
d) 15.11.2000

8.Whichofthefollowingstatementsare“TRUE”?
StatementA:The principle of utmost good faith is the same as the principle of Buyers beware

StatementB:Theexistenceofhighbloodpressureneednotb edisclosedasthedoctorcanfindthisoutduringthemedica lexamination.

a) OnlystatementA
b) OnlystatementB
c) Bothstatements
d) Neitherofthestatement


9.————–arestatementsmadebytheprospectrai singdoubtsabouttheusefulnessoftheinsurance.

a) Objections
b) Refusals
c) Queries
d) Disagreements


10.Inwhatplanofinsuranceismedicalexaminationneverr equired,whateverbetheamountofSumassured?

a) Endowment
b) Pureendowment
c) Termassurance
d) Groupinsurance


11.Thelimitsofauthorityofanagentarelaiddownbythe ———-

a) InsuranceAct
b) ContractAct
c) AppointmentLetter
d) Noneoftheabove


12.Whichofthefollowingstatementsare“TRUE”?
StatementA:Thenecessityforamedicalexaminationdepen dsonlyontheSumassured.

StatementB:Thenatureofemploymentmaybeafactortodisp ensewithmedicalexamination.

a) OnlystatementA
b) OnlystatementB
c) Bothstatements
d) Neitherofthestatement


13.———–describesthebehaviourofanagentwhois willingtoacceptthataparticularcustomer
maynotneedlifeinsurance

a) Defeatist
b) Timid
c) Professional
d) Nonprofessional


14.Section45oftheInsuranceActisrelevantforpolicies whichareatleast———yearsold.

a) Two
b) Four
c) Bothstatements
d) Neitherofthestatements

15.Whichofthefollowingstatementsare“TRUE”?
StatementA:Inagrouppolicy,eachpersonisfreetochoose theamountofinsurancecover.

StatementB:Aperson,normallyuninsurable,canbecovere dunderagroupinsurancepolicy.

a) OnlystatementA
b) OnlystatementB
c) Bothstatements
d) Neitherofthestatement


16.Infimitiesarecausedby————–
a) Rs.3lakhs
b) Rs.10lakhs
c) Rs.13lakhs
d) Noneoftheabove

17.Ifaperson’sannualincomeisRs.3lakhsandhehasass ets(properandshare)worth10lakhshecanbegivenamaximu minsurancecoverof————-
a) Rs.3lakhs
b) Rs.10lakhs
c) Rs.13lakhs
d) Noneoftheabove

18.Whichofthefollowingstatementsare“TRUE”?Stat ementA:Whenapolicymatures,theclaimproceedsarepaidt otheassured.

StatementB:Ininsurance,theprincipleofbuyerbewareap plies.

a) OnlystatementA
b) OnlystatementB
c) Bothstatements
d) Neitherofthestatement


19.Thebehaviourofanagentwhomakescriticalmarksabout hiscompanyis————-

a) Clever
b) Non-professional
c) Professional
d) Efficient


20.Bringingapolicy,whichhaslapsed,backtoforceiscal led————–

a) Recovery
b) Revival
c) Renewal
d) Elapse


21.Whichofthefollowingstatementsare“TRUE”?
StatementA:Theproposalformshouldbewrittenbytheagen thimself.

StatementB:Theproposalformshouldbefilledbythepropo nenthimself,unlessheisilliterate.

a) OnlystatementA
b) OnlystatementB
c) Bothstatements
d) Neitherofthestatement

22.Disablitybenefitsmayarisebecauseof————-

a) Sickness
b) Oldage
c) Lossoflimbs
d) Anyoftheabove


23.———–isthepersontowhomthepolicyistransfe rredinlieuofsomeconsiderationreceived.

a) Nominee
b) Mortgagor
c) Beneficiary
d) Assignee


24.Whichofthefollowingstatementsare“TRUE”?
StatementA:Incaseofcorporateagent,onlytheChiefExec utivehastopasstheprescribedexamination.

StatementB:Apersonwhoisconvictedofcheatingcangetan agencylicenseassoonasheisreleasedfromjail.

a) OnlystatementA
b) OnlystatementB
c) Bothstatements
d) Neitherofthestatement


25.Aperson’sinsurableinterestinterestinhisownlif eis————-

a) Unlimited
b) 10timeshissalary
c) Agentsmanual
d) Alloftheabove


26.Anagentissubjectto————-

a) IRDAregulation
b) Termsofappointment
c) Agentsmanual
d) Allofabove


27.———–describesthebehaviourofanagentwhois inthepresenceofoutsiders,coversupthemistakesmadeby hiscollegues.

a) selfconfident
b) protective
c) arrogant
d) professional


28.Whatispaidbytheinsurerwhenthepolicyholderdecide stodiscontinuethepolicy?

a) Surrendervalue
b) Intermediateclaim
c) Lapse
d) Forfeiture


29.Whichofthefollowingskillisrequiredtoinfluenceth eotherpersontodosomething?

a) Salesmanship
b) Communication
c) Analytical
d) Persuasiveness


30.———–istheprofessionalwhoisthetechnicale xpertonlifeinsurancematters.

a) Underwriter
b) Accountant
c) Evaluator
d) Actuary


31.Iftheproponenthasnoinsurableinterestintheinsure d,theunderwriterwill———–

a) acceptthelien
b) acceptwithextrapremium
c) declinetheproposal
d) acceptwithreducedSumassured


32.Thedeductionallowedinincometaxbecauseofamountsp aidtowardslifeinsurancepremiumProfidentfund,etcisc alled————–

a) Concession b) Decuction c) Reduction d) Rebate


33.Whichofthefollowingstatementsare“TRUE”?
StatementA:Theunderwritertriestopreventanyundueadv antagebeingtakenbyprospect

StatementB:Theunderwriterisatrusteeofallpolicyhold ers

a) OnlystatementA
b) OnlystatementB
c) Bothstatements
d) Neitherofthestatement


34.———–describesanagentwhokeepsrecordsofhi sactivitiesandexaminesthemperiodically.

a) Analyst
b) Professional
c) Nonprofessional
d) Meticulous


35.———–meansthebusinesswherein,personsfaci ngthesameriskarebroughttogethertocreateafundfromwh ichthosesufferinglossesarecompensated.

a) Insurance
b) MutualFund
c) Banking
d) Security


36.Termassuranceisnotsuitablewhentheneedistoprovid efor———–

a) oldage
b) repaymentofoutstandingloan
c) mortgageredemption
d) anyoftheabove


37.FinalorTerminalbonusispayable————-

a) Ondeath
b) Onsurrender
c) Onmaturity
d) Alloftheabove


38.Whichofthefollowingstatementsare“TRUE”?
StatementA:AninsuranceagentmaybesuedunderConsumerp rotectionact

StatementB:TheConsumerprotectionactdoesnotapplytog overnmentcompanies.

a) OnlystatementA
b) OnlystatementB
c) Bothstatements
d) Neitherofthestatement


39.Whatiscalledthereverseof‘LifeInsurance’?

a) Loan
b) Surrendervalue
c) Annuity
d) Noneofabove


40.Apolicyinwhichthepaymenttotheannuitantbeginsaft eroneyearandispayablethereafterannually]
iscalled———–annuity.

a) immediate
b) annual
c) deffered
d) one-year


41.Theprocessofrecordingthecorrectageofpersoninsur ediscalled———-

a) Ageadmission
b) Verifications
c) Proofofage
d) Certification


42.Apolicywhichhasrunfor8yearscanbecalledintoquest ionifthereis———–

a) Misrepresentation
b) Fraud
c) Mistake
d) Noneoftheabove


43.Whatarethecriteriaofagoodsavingplan?

a) Safety
b) Liquidity
c) Yield
d) Allofabove



44.IncaseofpolicyundertheprovisionofMarriedWomen sPropertyAct,whocanmakeadeathclaim?

a) Beneficiaries
b) LifeInsuredHEIR
S c) Trustee
d) Anyoftheabove


45.Theskillrequiredtoexplaininamannerthattheotherp ersonunderstandsis———–

a) Persuasiveness
b) Explanatory
c) Convincing
d) Communication


46.Thereductionpermittedinthetabularpremiumdependi ngonthemodeofpremiumorSumassurediscalled——— -

a) Reduction
b) Rebate
c) Incentive
d) Concession


47.Loansunderaninsurancepolicyarerepayable—— —

a) Inalumpsum
b) Byadjustmentwithclaim
c) Ininstallments
d) anyoftheabove


48.Whichofthefollowingstatementsare“TRUE”?
StatementA:Proofofageisnecessaryonlyforproposalsfo rinsurance,notforagencyapplications.

StatementB:Afterthebusinessiscomplete,theagenthasn ofurtherrole.

a) OnlystatementA
b) OnlystatementB
c) Bothstatements
d) Neitherofthestatement

49.ThematurityproceedsincaseofapolicyfinancedbyHUF willbepaidto———-

a) karta
b) lifeassured
c) nominee
d) noneofthese


50.Whendoesforeclosureactionbegin?

a) Whenpremiumisnotpaid
b) Whenpolicyissurrendered
c) Whenloanandinterestaccumulate
d) Alloftheabove


51.Whichofthefollowingstatementsare“TRUE”?
StatementA:Apaiduppolicywillbeentitledtobonus.

StatementB:Thelifetobeinsuredmustbeinperfecthealth .

a) OnlystatementA
b) OnlystatementB
c) Bothstatements
d) Neitherofthestatement


52.Aduplicatepolicymaybeissued,whenoriginalhasbeen ————-

a) Burnt
b) Stolen
c) Mutiliated
d) Alloftheabove


53.Theattachmenttoapolicytoindicatethatthestandard policytermsandconditionshavebeenmodifiediscalled ———–

a) clause
b) endorsement
c) rider
d) condition


54.Whichofthefollowingstatementsis“TRUE”?
StatementA:Whenapersondies,noexpenseisincurredonhi m.

StatementB:Lifeinsurancehelpstoensureadecentburial orcremationondeath

a) OnlystatementA
b) OnlystatementB
c) Bothstatements
d) Neitherofthestatement


55.Iftheclaiminquestionis23lakhs,whichconsumercour twillheartheapplication?

a) StateLevel
b) NationalLevel
c) DistrictLevel
d) Noneofabove


56.Whichinformation,ifnotdisclosed,cannullifythepo licy?

a) Critical
b) Valid
c) Material
d) Important


57.Theagentsreporttotheinsurershouldinclude—— -facts.

a) Favorable
b) Unfavorable
c) Neither of the above
d) Bothoftheabove



58.Whichofthefollowingstatementsare“TRUE”?
StatementA:Insuranceisrelevantonlyifthereispossibl eeconomicloss.

StatementB:Anevent,whichwillcertainlyhappencannotb einsuredagainst.

a) OnlystatementA
b) OnlystatementB
c) Bothstatements
d) Neitherofthestatement


59.Whichofthefollowingstatementsare“TRUE”?
StatementA:Apolicywhichhasbeeninforcefor10yearscan becalledintoquestionformisrepresentation

StatementB:Apolicywhichhasbeeninforcefor10yearscan becalledintoquestionforfraud.

a) OnlystatementA
b) OnlystatementB
c) Bothstatements
d) Neitherofthestatement


60.Whichofthefollowingstatementsare“TRUE”?
StatementA:Insurancecompaniescomeunderthepurviewof theConsumerProtectionAct.

StatementB:Thejurisdictionofconsumerforumdependson thevalueofclaim.

a) OnlystatementA
b) OnlystatementB
c) Bothstatements
d) Neitherofthestatement

61.Whichriskiscoveredbyannuity?

a) Accident
b) Livingtoolong
c) Sickness
d) Death


62.Whichofthefollowingstatementsare“TRUE”?
StatementA:Insuranceispossibleonlyiftheeventconcer nedhappensbyrandom.

StatementB:Thecauseof“loss”iscalledperil.


a) OnlystatementA
b) OnlystatementB
c) Bothstatements
d) Neitherofthestatement


63.Theauthorityofanagentis———–

a) Specifiedintheappointmentletter b) Inferredfromhisaction c) Verballycommunicated
d) Alloftheabove

64.Whichofthefollowingstatementsis“TRUE”?
StatementA:Thefactofhavingbeenonsickleavemustbedis closed,eveniftherewerenosicknessandcertificateofsi cknesswasfalse.

StatementB:Most plans of insurance area combination of two basic plans.

a) OnlystatementA
b) OnlystatementB
c) Bothstatements
d) Neitherofthestatement


65.Thebonuswhichattachestothepolicyimmediatelyonde clarationiscalled———-bonus

a) Final
b) Immediate
c) Terminal
d) Reversionry


66.Whichofthefollowingstatementsis“TRUE”?
StatementA:Thepremiumunderagroupinsurancepolicyisc onstantforalltimetocome.

StatementB:Section45oftheinsuranceactdoesnotapplyt oaoneyearpolicy.

a) OnlystatementA
b) OnlystatementB
c) Bothstatements
d) Neitherofthestatement


67.Whichofthefollowingstatementsare“TRUE”?
StatementA:Section45oftheinsuranceactappliesalsoto paiduppolicies.
StatementB:Section45oftheinsuranceactdoesnotapplyt oaoneyearpolicy.

a) OnlystatementA
b) OnlystatementB
c) Bothstatements
d) Neitherofthestatement


68.Inaninsurancepolicy,theamountpayableondeathmayb etheamountpayableonmaturity

a) sameas
b) morethan
c) lessthan
d) anyoftheabove


69.————-meansthemarketinwhichanagentchoosestooperate.

a) Segment
b) Target
c) Area
d) Section



70.Whichoftheapproachesoftheagentisappropriate?

ApproachA:Anagentinsistedthatallhispolicyholderssh ouldsendthepremiumchequetohim,sothathecouldensuret hatdelaysdidnothappenthroughoversight.

ApproachB:Theagenthadthehabitofgreetingallhispolic yholdersinthesametown,ontheirbirthdaysandgivethema ttractivepresents.

a) onlyapproachA
b) onlyapproachB
c) boththeapproaches
d) Neitheroftheapproach


71.ApproachA:Anagentusedtopersuadehisprospects,who weremainlysalariedemployeesatthemiddlemanagementle vel,thattheyshouldtakeoutpoliciesundertheMWPact.

ApproachB:AnagentsellingmostlySalarySavingsSchemep oliciesintheengineeringfactoriesusedtocanvassthemo nthebasisofIncomeTaxadvantages.

a) onlyapproachA
b) onlyapproachB
c) boththeapproaches
d) Neitheroftheapproach


72.ApproachA:Whenaprospectwantedtoknowwhattheagent wouldgetoutofthesaleofinsurance,hejustgavehimaxero xcopyofhisappointmentletter.

ApproachB:Whenaprospectwantedtoknowwhattheagentwou ldgetoutofthesaleofinsurance,hesaidthatthatwasacon fidentialmatter.

a) onlyapproachA
b) onlyapproachB
c) boththeapproaches
d) Neitheroftheapproach


73.ApproachA:Whentheprospectsaidthathehadtakensick leaveforafewdaysbecausehewantedtogooutstationforan interview,theagentsuggestedthatheneednotmentionit.

ApproachB:Theagentsuggestedtotheprospectnottomenti onthefactthatthecauseofdeathofoneofhisbrother’sw hohaddiedyoung,wascardiacarrest.Itwasmentionedas Accident’

a) onlyapproachA
b) onlyapproachB
c) boththeapproaches
d) Neitheroftheapproach


74.Calculatepremiumfromfollowingdata

Dateofcommencement:1.1.1992
Dateofbirth:15.4.1961
Tabularpremiumforendowmentplanwithprofit

Forage31–Rs.41.50
Forage32–Rs.41.65
Forage33–Rs.41.80
Sumassured–Rs.1,00,000
Mode–Yearly

Proposalisacceptedatordinaryrateswithoutaccidentbe nefits
RebateforsumassuredisRs.2perthousandperannum.Rebat eforyearlymodeis3%anddoubleaccidentbenefitisavaila bleatRe.1perthousandsumassuredperannum

a) Rs.4,165
b) Rs.3,825
c) Rs.3,965
d) Rs.3,840


75.Fromthefollowingparticulars,calculatepaidupvalu e:

Sumassured:Rs.50,000
Plan:Endowmentwithoutprofit
Term:20years

Dateofcommencement:19.02.1994
LPP–yearly:14.02.2000

a) Rs.50,000
b) Rs.15,000
c) Rs.18,000
d) Rs.17,500
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